Noble Wealth Management PBC Sells 3,081 Shares of Tesla, Inc. (NASDAQ:TSLA)

Noble Wealth Management PBC lowered its position in Tesla, Inc. (NASDAQ:TSLA) by 36.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,439 shares of the electric vehicle producer’s stock after selling 3,081 shares during the quarter. Noble Wealth Management PBC’s holdings in Tesla were worth $1,410,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Ulland Investment Advisors LLC boosted its position in Tesla by 30.8% during the 1st quarter. Ulland Investment Advisors LLC now owns 170 shares of the electric vehicle producer’s stock valued at $44,000 after acquiring an additional 40 shares in the last quarter. Chris Bulman Inc boosted its position in Tesla by 1.4% during the 1st quarter. Chris Bulman Inc now owns 3,750 shares of the electric vehicle producer’s stock valued at $972,000 after acquiring an additional 50 shares in the last quarter. Magnolia Private Wealth LLC boosted its position in Tesla by 15.9% during the 1st quarter. Magnolia Private Wealth LLC now owns 1,146 shares of the electric vehicle producer’s stock valued at $297,000 after acquiring an additional 157 shares in the last quarter. Ironwood Wealth Management LLC. boosted its position in Tesla by 27.0% during the 1st quarter. Ironwood Wealth Management LLC. now owns 992 shares of the electric vehicle producer’s stock valued at $257,000 after acquiring an additional 211 shares in the last quarter. Finally, Focus Financial Network Inc. lifted its holdings in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after purchasing an additional 670 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TSLA shares. Piper Sandler reiterated an “overweight” rating and set a $400.00 price objective on shares of Tesla in a report on Tuesday. UBS Group decreased their price objective on Tesla from $225.00 to $190.00 and set a “sell” rating for the company in a report on Thursday, April 10th. Guggenheim reiterated a “sell” rating and set a $170.00 price objective on shares of Tesla in a report on Thursday, April 24th. TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and raised their target price for the stock from $180.00 to $388.00 in a research note on Friday, March 7th. Finally, Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $293.67.

Tesla Trading Up 0.1%

TSLA stock opened at $326.43 on Thursday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12-month low of $169.80 and a 12-month high of $488.54. The stock has a market cap of $1.05 trillion, a price-to-earnings ratio of 160.02, a PEG ratio of 5.86 and a beta of 2.47. The business’s 50-day moving average is $295.60 and its 200 day moving average is $333.11.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at $6,737,500. The trade was a 12.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director now owns 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 818,509 shares of company stock worth $273,791,775 in the last ninety days. Insiders own 20.70% of the company’s stock.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.